What level of cover do I need?
It depends on your personal requirements and circumstances.
The level of cover is the amount of money that you choose
to insure your life for. This is how much the Insurance Company will pay
out to your spouse or other nominated family member if you die.
You can choose to take out Life Insurance for any amount,
but obviously, the higher your cover the higher your premium will be.
If you are looking for a high level of insurance, you should be aware
that the Insurance Company is likely to seek additional medical information.
If your Life Insurance is associated with your mortgage,
then you will want cover for the same amount of money as is outstanding
on your mortgage. Then the entire mortgage will be paid off if you die.
Remember that if you want to cover your monthly mortgage
payments in case you are off work because of illness, accident or unemployment
you should take out Mortgage Payment Protection Insurance.
You may also want to think about Critical Illness
Cover. This will provide a lump sum to repay your mortgage or
for another purpose if you become seriously ill.
Other relevant questions…
How does Critical
Illness cover work?
How
is Mortgage Life Insurance different to Life Insurance?
Why
would I want Mortgage Payment Protection Insurance?
Is a medical absolutely
necessary?
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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